First Bancorp · NASDAQ:FBNC
First Bancorp — Q3 2026 Earnings Presentation
28 slides from First Bancorp's earnings presentation, Oct 21, 2026
Slide 1: First Bank Third Quarter Update
FIRST BANK Third Quarter Update
Slide 2: Important information: Caution Regarding Forward-Looking Statements
Important information Caution Regarding Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including those regarding First Bancorp'
Slide 3: Company overview
Company overview First BancorpBank Holding Company First BankSubsidiary Bank Southern Pines, North CarolinaHeadquarters 1935 as Bank of MontgomeryEstablished $13.2 billionAssets * $9.1 billionLoans * $11.1 billionDeposits * 113 in NC & SCBranches * 1,391 full-time equivalent employeesEmployees * 4th
Slide 4: First Bank: The bank of the Carolinas
First Bank: The bank of the Carolinas Deepening South Carolina franchise Increases South Carolina deposit base by over 50% and doubles branch footprint in the state(1) Top 10 pro forma deposit market share in South Carolina; #2 pro forma deposit market share in Pee Dee Region Familiar community
Slide 5: First Bank post acquisition
First Bank post acquisition Our mission To be the best community bank in every community we serve and through every delivery channel we offer. Our core values Be committed to safety and soundness. Provide accurate, prompt, courteous service. Help our clients and associates build and achieve goals. M
Slide 6: Best Employer in North Carolina and national recognition
Best Employer in North Carolina 2023, 2024, 2025, 2026 First Bank was named a BEST EMPLOYER in North Carolina by Business NC. National recognition #14 in S&P Top 50 Public Banks 2026 First Bank was ranked #14 best U.S. public bank by S&P Global Market Intelligence. #23 in Forbes America’s Best Banks
Slide 7: Q3 2026 highlights
Q3 2026 highlights 1. Annualized net income divided by: average common shareholders’ equity less average total intangible assets, net. 2. Net-interest income divided by average earning assets. 3. Adjusted for $0.5 million of merger and acquisition expense. CHANGEQ2 2026Q3 2026 +$0.8 million$50.5 mil
Slide 8: Q3 2026 summary
Q3 2026 summary 1. Preliminary • Q3 2026 net income of $51.3 million ($51.6 million on an adjusted basis) • ROA of 1.55% (Adjusted ROA of 1.56%) • ROCE of 11.71% (Adjusted ROCE of 11.79%) • ROTCE 16.48% (Adjusted ROTCE of 16.59%) • Management continues to control expenses resulting in $64.0 million
Slide 9: Net interest margin (NIM tax-equivalent)
Net interest margin (NIM tax-equivalent ) 2.80% 2.87% 2.90% 3.08% 3.27% 3.32% 3.47% 3.60% 3.69% 3.73% 3.76% 2.69% 2.77% 2.82% 2.99% 3.19% 3.26% 3.40% 3.54% 3.64% 3.68% 3.73% 2.50% 2.70% 2.90% 3.10% 3.30% 3.50% 3.70% 3.90% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 202
Slide 10: Loan yields
Loan yields 5.45% 5.51% 5.51% 5.47% 5.52% 5.53% 5.69% 5.59% 5.57% 5.67% 5.75% 5.30% 5.37% 5.39% 5.34% 5.41% 5.44% 5.60% 5.51% 5.51% 5.61% 5.71% 4.90% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% 5.70% 5.80% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Stated C
Slide 11: Asset yield trends
Asset yield trends 2.41% 2.55% 2.69% 2.74% 2.71% 2.76% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026 3rd Quarter 2026 Total Securities 4.69% 4.86% 4.84% 4.88% 4.95% 5.02% 4.00% 4.20% 4.40% 4.60%
Slide 12: Cost of funds and total cost of deposits
Cost of funds and total cost of deposits 1.79% 1.81% 1.81% 1.62% 1.51% 1.48% 1.51% 1.36% 1.31% 1.34% 1.39% 1.56% 1.72% 1.72% 1.57% 1.46% 1.43% 1.46% 1.32% 1.28% 1.31% 1.35% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Slide 13: Deposit cost
Deposit cost 2.14% 2.18% 1.97% 1.89% 1.94% 2.01% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10% 2.20% 2.30% 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026 3rd Quarter 2026 Interest Bearing Deposits 1.43% 1.46% 1.32% 1.28% 1.31% 1.35% 1.00% 1.05% 1.10% 1.15% 1.20% 1.2
Slide 14: Strong capital levels
Strong capital levels First Bancorp maintains strong capital levels. Through earnings, First Bancorp continues to increase equity and capital. The asset and loan growth in the second quarter increased the denominator in the capital ratios, particularly in risk-based measures as loans generally carry
Slide 15: Strong deposit franchise supported by thriving markets
Strong deposit franchise supported by thriving markets Total deposits ended at $11.1 billion, an increase of $41.4 million for the quarter, or 1.5% annualized. The remaining brokered deposits matured during the quarter ended September 30, 2026. Management has controlled interest expense, with total
Slide 16: Diverse deposit base
Diverse deposit base The Company benefits from a granular deposit franchise, with the top twenty depositors representing approximately 7% of total deposits. Consumer deposits represent 42% of total deposits. Business deposits represent 58% of total deposits. Uninsured and uncollateralized deposits r
Slide 17: Allowance for credit losses
Allowance for credit losses Percent of loans outstanding Allowance for credit lossesLoans outstanding 1.4%$ 20,194$ 1,041,062Commercial and industrial 1.74%16,240932,510Construction, development & other land loans 1.30%17,9301,382,601Commercial real estate - owner occupied 0.92%27,3682,963,696 Comme
Slide 18: Asset quality trends
Asset quality trends 0.14% 0.05% 0.06% 0.04% 0.09% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Annualized Net Charge Offs 0.44% 0.42% 0.47% 0.49% 0.49% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Nonperforming Loan Ratio 1.44% 1.42% 1.42% 1.39%
Slide 19: Noninterest income
Noninterest income Q3 26Q2 26Q1 26Q4 25Q3 25Q2 25(Dollars in thousands) $ 4,574 $ 4,205 $ 3,954 $ 4,269 $ 4,225 $ 3,976 Service charges on deposit accounts 5,500 5,986 5,942 5,653 6,323 6,605 Other service charges and fees 379660669583 471 315 Presold mortgage loan fees and gains on sale 1,611 1,707
Slide 20: Noninterest expense
Noninterest expense Q3 26Q2 26Q1 26Q4 25Q3 25Q2 25(Dollars in thousands) $32,652 $31,529 $29,978 $30,747 $31,065 $29,005 Salaries, incentives and commissions expense 6,8106,9586,5166,6735,7516,187Employee benefit expense 39,46238,48736,49437,42036,81635,192Total personnel expense 5,2534,9615,3554,90
Slide 21: Investment thesis
Investment thesis Regional bank with strong culture that offers many of the product capabilities found in larger national banks but delivers those services with a local community bank focus. Capabilities include Mobile Banking, Wealth Management, Credit Card, Treasury Services, and Mortgage Banking.
Slide 22: Valuation: Price to Tangible Common Book Value
Valuation Price to Tangible Common Book Value Chart reflects data available through S&P Global, and therefore the tangible book values are as of June 30, 2026 and the stock prices are as of October 16, 2026 for all companies presented. Based on September 30, 2026 amounts for tangible common book val
Slide 23: Valuation: Price to Earnings
Valuation Price to Earnings Based on SNL Mean Normalized 2026 EPS Estimate of $4.72, the FBNC price to earnings ratio is 12.8x based on October 16, 2026, closing price for FBNC stock of $60.36. The above chart reflects the 10/16/2026 closing stock price and 2026 EPS Estimate as of that date. . 10.1x
Slide 24: North Carolina & South Carolina: Thriving states for business
North Carolina & South Carolina: Thriving states for business Growing populations North Carolina • Currently the 9th most populous state • Projected 7th by 2040 – and within 1% of 5th most populated • 4th highest net increase in population in 2024 • Projected to grow 20% over the next 20 years – 5th
Slide 25: Corporate citizenship
Corporate citizenship FIRST BANK
Slide 26: Investing in our communities
Investing in our communities A proud community partner in the Carolinas since 1935 First Bank has long been a committed partner in the communities it serves across the Carolinas. The following are just some of the investment areas made over the recent years. . Ensuring equitable access to education
Slide 27: Social responsibility
Social responsibility Diversity and inclusion We treat customers and associates with respect, communicate openly, and value the unique contributions of every individual. We strive to build an inclusive organization that reflects the communities we serve. • Our Diversity Council represents associate
Slide 28: Thank you!
FIRST BANK Thank you!